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Good afternoon. My name is ***** ***** I look forward to helping you.
Could you provide me the context by showing me the provision in which this is used? Thanks.
Thanks for responding. Without reviewing the deed itself, I am not confident that I can provide a complete and accurate assessment. Therefore, I am going to opt out to open your question up to all experts so another expert can hopefully timely provide you the information you seek. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.
Hi Ray here a new expert to help you.
Thanks for the chance to help here.A deed with Bob and Jane means that they are tenants in common and joint owners of an undivided 50% interest.It is also possible to have deed read Bob and ***** ***** as joint tenants with right of survivorship.In that situation the whole property passes by deed to the legal survivor at time other spouse deceases and no probate is necessary.
JTWROS is done where two parties wish to avoid probate and have it pass to the survivor.That is the reason that married folks have a JTWROS. The deed must specifically state that it is a right of survivorship otherwise the two parties are just tenants in common and each share passes to their legal heirs upon their demise.
I hope I gave you the information you are seeking.Do you have more follow up, if so please just ask.It is never a problem and you have been very patient.
The Mr. and Mrs, reflects that the owners are married , if they are say living together it may be Bob Jones and ***** ***** and they are usually tenants in common rather that JTWROS.
Joint tenancy with rights of survivorship is commonly used between married couples. In this co-ownership, each party owns the property equally and undivided. If one party wishes to transfer his share to someone else during his lifetime, the other owner must consent and sign the resulting deed. The rights of survivorship imply that upon the death of one owner, his share is transferred automatically to the surviving owner. The survivorship rights take precedence over the deceased's will or inheritance rules.
In a tenants in common ownership situation, two or more owners can own equal or unequal shares of the same property. For example, two owners can hold equal shares, or multiple owners can own different percentages that equal 100. The shares in ownership are separate from one another. So one owner can transfer his share to someone else at any point in time without the consent of the other owners. If an owner dies, his share in the property is passed along to the person named in his will or to his surviving heirs if no will exists.
Yes give me minute,thanks
What importance is the word, ( or) as in(, and or) in this case as far as probate? In marriage, if one spouse invests more then the other, how would this be documented?
It wouldn't be if it is a deed it should read Bob and Mary or Joe and Bill here --never or.Or really should be a bank account where either can access funds.I have never seen an or deed.
The only way the spouse here would get back additional funds is if there was a divorce and the judge gave them a bigger interest or awarded funds otherwise it is presumed marital or joint 50-50% ownership.
Again if there are multiple persons on a deed it should read Bob and Mary rather than Bob or Mary.If probate is involved with an or situation the probate judge has final say on heirs and their shares here.They interpret the ownership and name heirs and shares as part of probate if is an estate asset.
Thanks again if you have more please let me know.You have been patient and thats much appreciated.